Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Skechers U.S.A., Inc. (NYSE:SKX - Free Report) by 30.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 307,243 shares of the textile maker's stock after selling 133,935 shares during the period. Principal Financial Group Inc. owned 0.20% of Skechers U.S.A. worth $20,561,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bessemer Group Inc. lifted its stake in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker's stock worth $25,000 after acquiring an additional 164 shares during the period. UMB Bank n.a. lifted its position in Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock valued at $30,000 after purchasing an additional 364 shares during the period. Versant Capital Management Inc boosted its holdings in Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after purchasing an additional 618 shares in the last quarter. Blue Trust Inc. increased its position in Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker's stock worth $69,000 after purchasing an additional 887 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Skechers U.S.A. during the 2nd quarter worth approximately $69,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SKX has been the subject of a number of recent analyst reports. StockNews.com raised Skechers U.S.A. from a "hold" rating to a "buy" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a "buy" rating in a report on Friday, October 25th. Barclays boosted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Evercore ISI lifted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Friday, July 26th. Finally, Morgan Stanley upped their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $78.09.

Skechers U.S.A. Trading Up 0.8 %

NYSE:SKX traded up $0.46 on Thursday, reaching $61.55. The stock had a trading volume of 701,668 shares, compared to its average volume of 1,888,036. Skechers U.S.A., Inc. has a 12-month low of $51.26 and a 12-month high of $75.09. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 15.17, a P/E/G ratio of 0.84 and a beta of 1.23. The firm's fifty day moving average is $64.36 and its two-hundred day moving average is $66.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. Skechers U.S.A.'s revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 earnings per share. Equities analysts expect that Skechers U.S.A., Inc. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.